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Insured Losses From N. Zealand Floods Estimated at US$1.02B, With Profit Hit Expected

March 15, 2023

The initial insured losses for the recent floods in the North Island of New Zealand are estimated at NZ$1.65 billion ($1.02 billion), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data.

Losses incurred so far in the current year from the New Zealand floods and Cyclone Gabrielle are expected to surpass the total of all weather-related claims in 2022, said GlobalData in a separate commentary on the storms.

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